The case involves a petition filed by Panoli Intermediates (India) Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VMA Enterprises Pvt. Ltd., the corporate debtor. The operational creditor supplied goods (normal paraffin, waksol, and AHD) to the corporate debtor since 2014. The corporate debtor allegedly defaulted on payments starting January 2017. The operational creditor issued a demand notice on 01.10.2018 after cheques issued by the corporate debtor were dishonored. The corporate debtor claimed the petition was not maintainable due to non-delivery of the demand notice and that outstanding dues were settled via an oral agreement. The corporate debtor
…Panoli Intermediates (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against VMA Enterprises Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied goods (normal paraffin, waksol, and AHD) to the Corporate Debtor since 2014 based on purchase orders. The Corporate Debtor defaulted on payments starting January 2017. The Operational Creditor issued a demand notice dated 01.10.2018 for Rs. 68,13,945/- after previous cheques were dishonored. The Corporate Debtor claimed non-receipt of the demand notice and settlement of dues through an oral agreement, supported by partial payments. The Corporate Debtor also alleged that
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The case involves a petition filed by Panoli Intermediates (India) Pvt. Ltd., an operational creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against VMA Enterprises Pvt. Ltd., the corporate debtor. The operational creditor supplied goods (normal paraffin, waksol, and AHD) to the corporate debtor since 2014. The corporate debtor allegedly defaulted on payments starting January 2017. The operational creditor issued a demand notice on 01.10.2018 after cheques issued by the corporate debtor were dishonored. The corporate debtor claimed the petition was not maintainable due to non-delivery of the demand notice and that outstanding dues were settled via an oral agreement. The corporate debtor
…Panoli Intermediates (India) Pvt. Ltd. (Operational Creditor) filed a petition under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, against VMA Enterprises Pvt. Ltd. (Corporate Debtor) for initiation of the Corporate Insolvency Resolution Process (CIRP). The Operational Creditor supplied goods (normal paraffin, waksol, and AHD) to the Corporate Debtor since 2014 based on purchase orders. The Corporate Debtor defaulted on payments starting January 2017. The Operational Creditor issued a demand notice dated 01.10.2018 for Rs. 68,13,945/- after previous cheques were dishonored. The Corporate Debtor claimed non-receipt of the demand notice and settlement of dues through an oral agreement, supported by partial payments. The Corporate Debtor also alleged that
…Operational Creditor…
Corporate Debtor…